Facility for London property purchases

MALAYAN Banking Bhd (Maybank) is anticipating a take up of RM60 million within the next six months for its latest mortgage facility "Overseas Mortgage Loan Scheme" being offered for those purchasing properties in London.

"This is in view of attractive property valuation in London and overseas buying interest to peak before April 2011 when the new 5 per cent sales tax is imposed for properties above STG1 million (RM4.84 million)," Maybank deputy president and head of community financial services Lim Hong Tat said in a statement yesterday.

The key features of the mortgage scheme include repayment in ringgit, high margin of financing of up to 85 per cent, flexible repayment and long tenure of up to 30-years or 70-years of age, whichever is earlier.

The facility will be offered in the form of term loan, overdraft or a combination of term loan and overdraft, he added.
The ringgit mortgage facility will finance completed or under-construction residential and commercial properties in London Zone 1 to Zone 3, covering prime locations such as the City of London, Westminster, Knightsbridge, Kensington and Chelsea.

Maybank's mortgage facility makes it the first Malaysian bank to offer Malaysians a local mortgage loan facility in ringgit for purchase of property in London.

By Bernama

Ringgit loans for British properties

PETALING JAYA: Malayan Banking Bhd (Maybank) expects its Overseas Mortgage Loan Scheme, the bank's first ringgit-denominated mortgage facility for property purchase in Britain, to boost its home financing division.

With the new product, the division is expected to grow more than 13% in its current financial year ending June 30, 2011.

The mortgage was designed for high net worth customers interested in buying properties in Britain due to the favourable currency exchange rate, said Maybank community financial services deputy president and head Lim Hong Tat in a statement yesterday.

London offered attractive advantages for property purchase to non-residents, he said, adding that the bank had worked with international real estate agencies to assist customers on British regulations.

The ringgit mortgage facility will finance completed or residential and commercial properties under-construction in London covering prime locations such as the city of London, Westminster, Knightsbridge, Kensington and Chelsea.

Key features of the loan scheme include repayment in ringgit, high margin of financing of up to 85%, flexible repayment and long tenure of up to 30 years or 70 years of age whichever is earlier.

“This milestone mortgage scheme brings tremendous savings to customers as the unique proposition of this loan is Malaysians being able to borrow in ringgit for the purchase of property in London.

“Borrowing in ringgit will protect customers from currency fluctuations on their monthly loan repayments and savings as the pound sterling is anticipated to rise against the ringgit this year,” said Lim.

A banking analyst said the facility provided investors with protection against currency fluctuations.

Asked if other banks would offer similar facilities, the analyst said: “The banking industry is constantly coming up with ways to boost their margins and remain competitive.”

According to Maybank, Malaysians purchasing properties in London have to obtain financing from Britain-based banks and pay the monthly installments in pound, thus exposing them to exchange fluctuations.

Financing from Britain-based banks for Malaysians is only available for “buy-to-let purposes” the property must be purchased for investment purposes and not for own occupation.

Lim said the facility was offered in the form of term loan, overdraft or a combination of term loan and overdraft.

“We anticipate a take-up of RM60mil within the next six months. This is in view of the attractive property valuation in London and overseas buying interest which will be before April when the new 5% sales tax is imposed for properties above 1mil.

“The current strong ringgit against the pound is also another factor that will encourage Malaysians to buy before the anticipated rise in the second half of the year,” he said.

Lim said the people can enquire about this new facility at any Maybank branch in Malaysia or in London.

By The Star

Maybank launches ringgit-based mortgage facility for UK property

KUALA LUMPUR: MALAYAN BANKING BHD expects a take-up of RM60 million within the next six months for the ringgit mortgage facility offered to Malaysians who want to purchase property in London.

The bank’s “Overseas Mortgage Loan Scheme”, launched on Thursday, Jan 13, will finance completed or residential and commercial properties under construction in London Zone 1 to Zone 3 in prime locations such as City of London, Westminster, Knightsbridge, Kensington and Chelsea.

“Key features of Overseas Mortgage Loan Scheme include repayment in ringgit, high margin of financing up to 85%, flexible repayment and long tenure of up to 30 years or 70 years of age whichever is earlier,” it said.

Maybank’s deputy president and head of community financial services, Lim Hong Tat said Malaysians would be able to borrow in ringgit for purchase of property in London with the loan taken in Malaysia.

“Borrowing in ringgit will protect customers from currency fluctuations on their monthly loan repayments and savings as the sterling pound is anticipated to rise this year from its current low exchange rate with the ringgit,” he said.

At present, Malaysians purchasing properties in London have to obtain financing from UK based banks and pay the monthly installments in sterling pound and they are exposed to foreign currency exchange fluctuations.

Lim said financing from UK based banks for Malaysian citizens currently was only available for “buy-to-let purposes”, namely, the property must be purchased for investment purposed and not for own occupation.

As for Maybank’s ringgit-based mortgage facility, he said it would be offered in the form of term loan, overdraft or a combination of term loan and overdraft.

“We anticipate a take up of RM60 million for this new facility within the next six months. This is in view of attractive property valuation in London and overseas buying interest to peak before April 2011 when the new 5% sales tax is imposed for properties above £1 million.

“The current strong ringgit against the sterling pound is also another factor that will encourage Malaysians to buy before the anticipated rise at the second half of the year,” Lim said.

Lim said the new mortgage was designed for high net worth customers who were showing increasing interest in buying properties in that part of Europe, due to the favourable currency exchange rate, attractive property price as well as for those who have children studying in the London area.

“London currently offers attractive advantages for property purchase to non residents and the Bank has tied-up with reputable international real estate agencies to assist customers on UK regulations,” Lim said.

By The EDGE Malaysia

BM#8 - Remembering Princess Diana

Blue Monday #8 - Princess Diana's Style

Photos taken from this book, she wore mostly Blue!

A fairy tale was made, her story... Diana

She was born as a  noble on July 1, 1961, and named Lady Diana

Attended the 30th Birthday of Prince Charles , later became a couple

The Royal Wedding on July 29, 1981 @ St. Paul's Cathedral,

Cruised Honeymoon at the Mediterranean Sea (Britannia)

Princess gave birth to Prince William and Prince Harry

The princess blossomed...
brought her new style to the usual fashion of the royal family.


She reaches out... touched with the sick and poor...

Sad Endings, New Beginnings... but
remained The People's Princess

Look @ The Sky Behind London Eye

What a lovely day!

All of a sudden changed... 

Then, it changed again to lovely sky!

London's Tower Bridge

Sunday Bridges

London - Best city break holidays

London, the capital of England, is a truly diverse place. As a holiday destination it is somewhere that everyone should go - no matter where you're from or your background. There is something in London for everyone and a trip here is guaranteed to leave you with plenty of memories.
There is a good chance you are from London if you are reading this post - and you already know why London is a great place to visit.
Of course if you are looking for a beach holiday, or somewhere nice and ralaxing, London definitely isn't the place for you, but as a city break it is second to none. There is so much going on and the pace of life may leave you breathless if you are not used to it but it is definitely an experience.
There are many tourist attractions in London - too many to mention in one post - The London Eye, Big Ben and the Houses of Parliament, London Bridge, Buckingham Palace, the River Thames... Evening entertainment is second to none - countless top-class theatres put on shows in the West End, and hundreds of clubs and bars pull in the punters as well. If you want to relax, Londons parks are lovely, especially in the summer.


The London Eye at night

Hotels can be expensive , but if you do you do your research you can find some cheap hotels in London. The Ritz might be out of most peoples league but its a good place to go for some afternoon tea, booking is recommended! Transport around the city is fairly good, with regular buses and tube trains linking up all areas of the city, and the famous London cabs if you want a more luxurious way to get round.

Overall London is definitely one of the best holiday destinations for a city break - you need a good week or so to see all the sights and really enjoy it. It's a city full of history, culture and great entertainment and is open all year round, no matter what the weather.